Friday, January 01, 2010

MLS® home sales activity in Mississauga rebounded sharply in the third quarter of 2009, reaching the highest level on record for activity in the third quarter period. Residential activity numbered 3,377 units in the third quarter, up 21 per cent from the same period last year.

Seasonally adjusted sales activity rose 13 per cent from levels in the second quarter (seasonal adjustment removes normal seasonal fluctuations). Building on consecutive increases in the two previous quarters, seasonally adjusted activity now stands 64 per cent above the low from the end of 2008.

MLS® home sales rebounded by 10 per cent or more from year-ago levels in all major housing categories. Condo apartment sales set a new record, while sales of single detached homes and condo townhouse units reached the highest levels on record for the third quarter period.

The number of active listings dropped by more than 25 per cent from year-ago levels in all major housing categories. Combined with a strong increase in sales activity, the MLS® market was considerably tighter, and buyers spent less time shopping than they had a year earlier.

Median sale prices in all major housing categories posted new quarterly records, due to significant increases in activity in the highest price ranges.

The median sale price for MLS® single detached homes rose seven per cent from year-ago levels to $485,000 in the third quarter of 2009.

The median sale price for MLS® semi-detached units was up two per cent year-over-year to $350,000, while the price for MLS® condo townhouse units was up five per cent from the previous third quarter to $279,000.

The median sale price for MLS® condo apartment units rose five per cent from year-ago levels to $213,000.